Here some details about what broke and how I fixed device not detected issue. This is all due to Windows 10 update and losing your device driver. Reinstalling The TrackIR software does not nothing you have to find the track IR driver in your:

I noticed the driver was deleted during the Windows 10 Update to 1803 release date 2/19/2019

Here are the Events recorded for this device during the Update and after reinstalling the device driver. I am not sure why Windows 10 update just shelved TrackIR driver.

Started the Windows Update Install

Here are the events for: Device USB\VID_131D&PID_0159\5&1d67f5&0&1
Timestamp Description
2/22/2019 6:05:08 Device configured (null)
2/22/2019 6:16:30 PM Device deleted
2/22/2019 6:16:30 PM Device configured (null)
Windows Update finished and I thought off I go and play a game with TrackIR5
Eventually I realized maybe the driver is in the backup (i.e. C:\Windows.old)
Scan around a 8:45 pm started and yes there it found it!

Event Information for this last Event:
Driver Management concluded the process to install driver npusbio_x64.inf_amd64_78724b6c57b3760d for Device Instance ID USB\VID_131D&PID_0159\5&1D67F5&0&1 with the following status: 0x0.
Thanks Microsoft for ditching the device driver and wasting time.

I might have run into the same problem. The trackir software says no device detected. However my Trackir 5 does show up in the Device Manager with no problems reported.
When i try to update the driver by pointing to the mentioned directory, windows states the best driver is already installed.

I deleted the trackir software and driver and reinstalled everything, but it didn't fix the problem either.

When encountering a problem with device connection, I would suggest reinstalling both the TrackIR software and the NaturalPoint USB driver.

Please make sure you are uninstalling both the TrackIR software and the driver before running the latest installer from the website (http://www.naturalpoint.com/trackir/downloads/). Especially for device connection issues, make sure the USB driver is removed, and the installer will prompt to reinstall this driver at the beginning of the installation process. Before running the installer, please have the device unplugged until it finishes installing, this has caused problems before.

If the device is still not getting detecting properly in the program even after the reinstall, please check the device manager and confirm whether TrackIR gets listed under NaturalPoint devices group or as an Unknown device. If it sees it as an unknown device, you may want to try manually pointing to the driver which should be located in the (C:\Program Files (x86)\NaturalPoint) directory if the driver was installed properly.

If the device gets detected in the device manager but not showing up in TrackIR application, it may be related to the initialization problem. If this is the case, or if you continue to struggle to get the device to detect, please contact support for direct help.